China based electric vehicle manufacturer Geely Automobile Holdings Ltd (GELYF) will be building a new plant with a production capacity of 30,000 premium electric vehicles annually. The new plant will be located in the western city of Chongqing and it will be fully managed by a newly registered company.
According to the company’s website, the plant will be producing cars under the premium Polestar marque. Polestar is a Sino-Swedish based electric vehicle manufacturer jointly owned by Geely Automobile and Volvo Car Group (STO: VOLV).
Geely is China’s most popular international automaker, the company owns Volvo Car Group and Lotus. Additionally it has owns almost 50% stake in Proton and another 9.7% stake in Daimler AG.
Geely is listed in the Hong Kong Stock Exchange however the company is preparing for a secondary listing in the Shanghai Stock Exchange.
Currently, Geely produces low-volume Polestar 1 hybrid cars in the western city of Chengdu. It also produces Polestar 2 volume sedans in Taizhou in the east.
Geely is also building another plant in China which it will be using to produce sport utility vehicles under the Lotus marque brand.
